Appraisal of Detached Townhouse

[residentialguy]

David,

I just appraised a detached TH like yours today. Detached townhomes can be quite a bit different the typical sing fam homes. Take that photo posted in an earlier post. That looks like someone to a chain saw and cut off a SxS TH. It doesn't look like a typical SF 2 story. Detached TH usually have much smaller lots and an association. I still think your TH has an home owners association...I don't know how it couldn't.

There is no problem comparing a typical SF 2 story that is similar sized, age, etc. Zoning is not an issue as long as they are legal.

And Webbed, I think you're being a little dramatic with the competency, imo. David had a question on HOA adjustments and what comps we'd use. It's not like he is appraising the Eiffel Tower. Some think that a detached TH is an oxymoron, some don't. Big deal. There typically are variances between the two. It's easy to feel like you're being flamed here when asking for advice. Not everyone just lays down and takes it. :new_2gunsfiring_v1:

And David, there has been some good advice here. Take it and just ignore the rest. Criticizing for typos does nothing but make you look a bit silly...esp when you have typos of your own.

 

[Lee Lansford]

...

Some think that a detached TH is an oxymoron, some don't.

...

Words have meaning, yes?

Call it what it is: A relatively small (GLA) house set upon a small (smaller than "typical" for other SFT detached) site.

In the early part of this decade a few large-scale builders in the far reaches of suburban "Chicago-land" began development of dwellings that they marketed as "Detached Townhouses". These relatively small (1000 sf - 1200 sf, 2-story) houses, set upon narrow sites, did have some market appeal to buyers who wanted "more" than the traditional attached SFR, but, frankly, could not afford the typical SFR detached with its larger (= more costly) site. Frankly, I did think that their marketing terminology was clever: better (from a marketing perspective) "Detached Townhouse" than "Small House set upon a Small Site".

HOWEVER, I would hope for more from appraisers (as in "words have meaning").

Peace.

 

[residentialguy]

What is a PUD?

According to Fannie Mae:
XI, 302: Units in PUD Projects (11/01/05)
A planned unit development is a project or subdivision that consists of common property and improvements that are owned and maintained by an owners’ association for the benefit and use of the individual units within the project. For a project to qualify as a PUD, the owners’ association must require automatic, nonseverable membership for each individual unit owner, and provide for mandatory assessments. Zoning should not be the basis for classifying a project as a PUD.


Zoning & GSE's may or may not use the same definition. But typically with PUDs you have common property, HOA, HOA dues. Townhomes are PUDs.
This is not to be confused with condos, which can appear to be a townhome. I have even seen zoning called Towndominiums.

 

[Ken B]

What is a PUD?

According to Fannie Mae:
XI, 302: Units in PUD Projects (11/01/05)
A planned unit development is a project or subdivision that consists of common property and improvements that are owned and maintained by an owners’ association for the benefit and use of the individual units within the project. For a project to qualify as a PUD, the owners’ association must require automatic, nonseverable membership for each individual unit owner, and provide for mandatory assessments. Zoning should not be the basis for classifying a project as a PUD.


Zoning & GSE's may or may not use the same definition. But typically with PUDs you have common property, HOA, HOA dues. Townhomes are PUDs. This is not to be confused with condos, which can appear to be a townhome. I have even seen zoning called Towndominiums.

Generally, town home projects are "PUDs" in the GSE definition. But not always.

 

[residentialguy]

Generally, town home projects are "PUDs" in the GSE definition. But not always.

Hey Ken,

Good to see you.

PUDs can get murky, no doubt. Just because it is zoned PUD doesn't mean it's a PUD. I also ran into a weird situation where somehow one section of a TH complex did not get included in the HOA and they had no fees. (or very small fees - can't remember)

 

[Michigan CG]

FIRST OF ALL.....I find it amazing how someone can judge what someone says from Texas from 1,000 miles away. Townhouse...maybe that is what they call it down there.

SECONDLY....this is an informal forum. Spelling is not required, grammar is not required. It is a professional but informal internet forum.

Insulting posts are not allowed here. Check out the rules: http://appraisersforum.com/rules.htm. Two posts have been removed. Sometimes checking your ego at the door would be a good idea.

Different parts of the country refer to things differently. I moved 428 miles 21 months ago and the lingo here is different. Michigan has these goofy properties called site condos. They are single-family homes where the homeowner owns the land. No one outside of Michigan understands these properties, most people in Michigan do not understand these properties.

It would be best not to jump to conclusions and address the poster's question instead of arguing about whether a structure is a townhouse as defined in your market or in a textbook.

Some wonder why more people don't post on this forum.

 

[LI-Appr]

Well, hmmmmmm, let me see. Perhaps not ideas, but observations.

In this section of the forum we often have appraisers present to the forum not understanding how to comp out their subject. Many of them state that they lack the background experience to be confident how to adjust for an important element of comparison.

My observation is the above is a good example of an appraiser that should probably be following the Competency Rule in USPAP as a first step. This certainly is better than coming here ready to do battle if some responders didn't respond precisely as wanted. Because that is the price of asking for help. The help returned may not always be what we had in mind when we asked for it, but it's help nonetheless. If we don't like that and can't handle it, then maybe we have no business presenting our lack of competency in order to get help. Maybe in that case what should be done is just turn the assignment down. We could do this as a part of informing our client regarding the competency issues, as USPAP commands that we do. Then the angst of getting any responses to our questions that we don't want to read would be entirely avoided, and we can go on our merry way in life not having learned a darn thing.

Need I say more. Stay out of urgent help because you are not a helper. How many Townhoses have you done lately in your neck of the woods?

 

[AlwaysLearning]

What is a PUD?

According to Fannie Mae:
XI, 302: Units in PUD Projects (11/01/05)
A planned unit development is a project or subdivision that consists of common property and improvements that are owned and maintained by an owners’ association for the benefit and use of the individual units within the project. For a project to qualify as a PUD, the owners’ association must require automatic, nonseverable membership for each individual unit owner, and provide for mandatory assessments. Zoning should not be the basis for classifying a project as a PUD.


Zoning & GSE's may or may not use the same definition. But typically with PUDs you have common property, HOA, HOA dues. Townhomes are PUDs.
This is not to be confused with condos, which can appear to be a townhome. I have even seen zoning called Towndominiums.

There are plenty of townhome developments (in my area) that have no common property, no HOA and no HOA dues (yes there are party walls but they are not common to all homeowners).

So “Townhomes are PUDs” as a general statement is incorrect.

 

[LI-Appr]

 

[Mr Rex]

I hear townhomes are better than condos. What should I tell my mama? She is old and relies on my opinion.